TD SYNNEX (NYSE:SNX) Earns Outperform Rating from Barrington Research

TD SYNNEX (NYSE:SNX)‘s stock had its “outperform” rating reissued by research analysts at Barrington Research in a research note issued to investors on Tuesday,Benzinga reports.

A number of other equities research analysts have also recently issued reports on SNX. UBS Group upped their price objective on shares of TD SYNNEX from $265.00 to $310.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. The Goldman Sachs Group upped their price objective on shares of TD SYNNEX from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday. Royal Bank Of Canada upped their price objective on shares of TD SYNNEX from $250.00 to $315.00 and gave the stock an “outperform” rating in a report on Wednesday, June 10th. Zacks Research cut shares of TD SYNNEX from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. Finally, Weiss Ratings upgraded shares of TD SYNNEX from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, June 2nd. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, TD SYNNEX has an average rating of “Moderate Buy” and an average price target of $233.10.

TD SYNNEX Stock Down 0.3%

NYSE:SNX traded down $0.81 during trading hours on Tuesday, reaching $283.84. The company’s stock had a trading volume of 212,403 shares, compared to its average volume of 783,571. The company has a market cap of $22.82 billion, a price-to-earnings ratio of 23.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.43. TD SYNNEX has a one year low of $123.28 and a one year high of $288.50. The business’s 50-day moving average is $234.91 and its 200-day moving average is $184.30. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.24 by $1.49. The firm had revenue of $17.16 billion during the quarter, compared to analysts’ expectations of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. TD SYNNEX’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.80 earnings per share. Equities research analysts predict that TD SYNNEX will post 15.88 EPS for the current year.

Insider Activity

In other news, CFO David Gregory Jordan sold 3,225 shares of the company’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $189.46, for a total transaction of $611,008.50. Following the completion of the transaction, the chief financial officer owned 14,035 shares of the company’s stock, valued at approximately $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Miriam Anne Murphy sold 3,025 shares of the company’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $200.14, for a total transaction of $605,423.50. Following the transaction, the insider directly owned 10,820 shares of the company’s stock, valued at $2,165,514.80. This represents a 21.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 21,250 shares of company stock valued at $4,935,282. Insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Concentric Capital Strategies LP bought a new position in shares of TD SYNNEX during the third quarter worth $18,036,000. Envestnet Asset Management Inc. boosted its position in shares of TD SYNNEX by 11.1% during the third quarter. Envestnet Asset Management Inc. now owns 82,977 shares of the business services provider’s stock worth $13,587,000 after purchasing an additional 8,264 shares in the last quarter. Fieldview Capital Management LLC bought a new position in shares of TD SYNNEX during the third quarter worth $1,318,000. Citigroup Inc. boosted its position in shares of TD SYNNEX by 12.0% during the third quarter. Citigroup Inc. now owns 83,103 shares of the business services provider’s stock worth $13,608,000 after purchasing an additional 8,914 shares in the last quarter. Finally, Algert Global LLC bought a new position in shares of TD SYNNEX during the third quarter worth $7,140,000. Institutional investors and hedge funds own 84.00% of the company’s stock.

TD SYNNEX Company Profile

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.